Ten New Cryptocurrency Exchanges Launch in Japan

As Japan becomes more friendly to bitcoin and other virtual currencies, at least ten new cryptocurrency exchanges will soon launch in the country, according to Nikkei.

As you know, Japan adobted a law regulating the activity of cryptocurrency exchanges in 2016. Platforms intending to do business in this region must obtain a special license of the Financial Services Agency of Japan (FSA), and also to observe a number of the established requirements, including the minimum share capital.

New rules designed to protect customers from possible fraudulent actions. At the moment of the application for a license submit a plan 18 companies, according the Japanese Cryptocurrency Business Association. Including operating platforms, such as the country's largest stock exchange bitFlyer, however, 10 companies are new players in the market.

Industry Boom

In particular, this list includes SBI Virtual Currencies Co., Ltd., the first cryptocurrency exchange that will work with the full support of the banking industry, GMO Wallet Co specializing in Forex trading Money Partners Group and broker securities Kabu.com.

At the same time, three of the biggest Bank of Japan's MUFJ, Mizuho and SMBC – do not plan, at least at this stage to enter into the cryptocurrency market. However, as notes the edition, all three referred to the Bank previously invested in the bitcoin exchange bitFlyer.

We will remind that on April 1 in Japan has adopted a law that recognized bitcoins and other cryptocurrencies legitimate payment method.